Are You Using Bitcoin? Here are 10 Interesting Facts About Bitcoin That You Must Know

Let me start off by telling you a joke a joke I heard some time ago while taking a walk at the park, it says Bitcoin will do to banks, what emails did to postal services and post offices. That being said, it is safe to say that Bitcoin will soon overshadow all the already existing forms of banking in the near future. It does not really mean that banks and other financial entities that control means of payments will be wiped off the face of the earth. No, what it really means is that sooner or later, Bitcoin as a form or making and receiving payments will top them all.

There are virtually millions and billions of internet users who make daily use of Bitcoins, either for making or receiving payments. But very few people have little or no knowledge about Bitcoins, how it all started, when it started and several other facts about BTC. That and much more will be discussed in this article, so all you have to do is to read on.

Here are 10 Interesting Facts That You Need to Know About Bitcoin

1.    No one knows who Satoshi Nakamoto is:    The bitcoin creator, Satoshi Nakamoto is still a mystery and there hasn't been any concrete revelation regarding his/her identity. As of May 2017, Nakamoto is believed to own about 1 million BTC with a worth of more than $2 billion. Other names like Nick Szabo, Dorian Nakamoto, Hal Finney, Craig Steven Wright, etc have been linked to Satoshi Nakamoto but there hasn't been any real and solid identification.

2.    Bitcoins are not Unlimited:   Several users when they first started BTC thought that it was unlimited, though they might be generated digitally, it might surprise you to know that those digits are limited. Bitcoin is slowly approaching a total of 21 million and the mining process and is getting harder with each passing day.

3.    It is Still not Possible to Know the Details of Bitcoin Users:    Anonymity was the central focus of when bitcoin was created and that record is still unbreakable as of now. Every Bitcoin addresses comprise of a long string of 34 alpha-numeric characters which makes it entirely it impossible to tell the recipient, unlike your regular bank details. To protect the privacy even further, several Bitcoin wallet programs now assign their users a unique portfolio ID, which is also used as a username.

A huge disadvantage of this feature in bitcoins is that many cyber-criminals now use bitcoins as their form of payment, making it impossible for governments, law enforcement, and security agencies to track them and bring them to justice.

4.    A Bitcoin Network is Powerful than Supercomputers:    Experts believe that Bitcoin networks operate at a computing power of 2,046,364 Pflop/s. This power is way higher than that of 500 supercomputers.

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5.    Any Bitcoin Transaction is not Reversible:    There is no better or simpler English to say this, any transaction done with Bitcoin is/can not be reversed. If you are to make a payment to any Bitcoin wallet and make a mistake, it is cannot be corrected. You won't get any second chances to correct the mistake, unlike in banks and other financial agencies where transactions can be reversed (though not easy).

6.    The First Good Thing purchased With Bitcoin Was Pizza:    Records shows that after the first bitcoin transaction took place between Nakamoto Satoshi and Hal Finney back in 2009, the first recorded purchase was made in buying of $25 worth of pizza which cost 10,000 bitcoins.

7.    Bitcoin is Highly Unstable:    Many Bitcoin users will agree with me that cryptocurrency defeated the entire decentralized nature of currency. A handful of people controls Bitcoins and everything about it, and if it follows this path, might fall in the future.

8.    The FBI Holds the Record of the World’s Largest Bitcoin Wallets:   A report from the Wired magazine claims that the FBI controls as much as $120 million. When the FBI shut down the operations of the Silk Road,  it also seized the owner’s assets. In that process, the FBI also became one of the world’s wealthiest cryptocurrency owners.

9.    Bitcoin Was Once Sent Into Outer-Space:    In 2016, a bitcoin cloud mining provider,  Genesis Mining, sent bitcoin to space by using a 3D bitcoin model and a bitcoin paper wallet. they were both tied to a weather balloon and the whole journey was recorded using a GoPro focused on the model and wallet. Once the weather balloon reached a height of 20 kilometers, the ground team made the transaction.

10.    Losing Any Bitcoin Wallet Means Losing Those Bitcoins (Money) Inside:    Your bitcoins are saved in your own unique and personal Bitcoin Wallet which can only be identified by using 34 alpha-numeric characters. So losing your login details to any bitcoin wallet means losing everything inside it. It's like your bank account where you can easily retrieve just by bringing one or two details required by the banks. If you lose access to your bitcoin wallet, it is gone and so as anything left in it. It’s also impossible for any person to use your bitcoins from your wallet until you give them access to it. There is nothing like next of kin.